Wednesday, August 9, 2017

Trump Just Committed $50 Million to the Women Entrepreneurs Finance Initiative

The World Bank Group announced the creation of a $1 billion innovative new initiative to advance women entrepreneurs. Just after this announcement, President Donald Trump committed $50 million to the program from the U.S.
The Women Entrepreneurs Finance Initiative was created to help women in developing countries gain increased access to financing, markets, and networks necessary for them to start and grow a business. The initiative has received strong donor support from Australia, Canada, China, Denmark, Germany, Japan, Netherlands, Norway, Saudi Arabia, South Korea, United Arab Emirates, United Kingdom, and the United States.

How the initiative will help women

The money will be used for financing to increase access to capital, provide technical assistance, and invest in other projects and programs that support women and women-led SMEs (small- and medium-size enterprises). According to information from World Bank, nearly 70 percent of women-owned SMEs in developing countries are either blocked by financial institutions or are unable to receive financial assistance on terms that will meet their needs.

The idea for the initiative came from the U.S. who will serve as a founding member along with other donor countries. The World Bank Group was chosen by both the U.S. and Germany to create the facility because of their deep experience and successful track record.